Women’s
Sports Association, Latur, prepared the following Receipt and Payment Account
for the year ending 31-3-2010.
Receipt and Payments Account for
the year ended 31st March 2010
Receipts
|
Amt.
|
Amt. (`.)
|
Payments
|
Amt.
|
Amt. (`.)
|
To
Balance b/d
To
Subscriptions:
|
4,200
|
By
Sports Equipments bought on 1-10-2009
|
15,000
|
||
2008 – 2009
2009 – 2010
2010 – 2011
|
1,500
50,000
1,000
|
By
Sundry Expenses
By
Printing & Stationery
|
2,100
1,900
|
||
To
Legacies
|
25,000
|
By
Salaries
|
10,000
|
||
To
Interest on Govt. Securities
|
2,500
|
By
Electricity Charges
By
Tournament Exp.
|
3,600
7,500
|
||
To
Entrance Fees
|
15,000
|
By
Purchase of Land
|
70,000
|
||
To
Tournament Receipts
|
16,000
|
By
Balance c/d
|
5,100
|
||
1,15,200
|
1,15,200
|
Additional Information:
(1) The Association
had the following Assets as on 1-4-2009.
Sports Equipments `.30,000; 5%
Govt. Securities `. 50,000; Furniture`.20,000
(2) Outstanding
Subscription for the year 2009 – 2010 was `. 2,500.
(3) Depreciate
Sport Equipments @ 20% p.a. and Furniture @ 10% p.a.
(4) Legacies are to
be capitalized and half of entrance fees are to be capitalized.
With the above Receipts and
Payments Account and additional information given, you are required to prepare
Income & Expenditure Account for the year ended 31-3-2010 and Balance Sheet
as at that
date.
(16)
In the books of Women’s Sports
Association
Income & Expenditure A/c for the year ended 31.3.2010
Expenditure
|
Rs.
|
Rs.
|
Income
|
Rs.
|
Rs.
|
To
Sundry Expenses
To
Printing & Stationery
To
Salaries
To
Electricity Charges
To
Tournament Exp.
To
Depreciation
Furniture
Sports Equipments
To
Surplus
|
2,000
7,500
|
2,100
1,900
10,000
3,600
7,500
9,500
43,900
|
By
Interest on government securities
By
Entrance Fees
Less:
Capitalised
By
Tournament Receipts
By
Subscription
|
15,000
7,500
|
2,500
7,500
16,000
52,500
|
78,500
|
78,500
|
Balance Sheet as on 31.3.2010
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
Capital
Fund
Add:
Legacies
Add:
Entrance Fees
Add:
Surplus
Subscription
in advance
|
105700
25,000
1,30,700
7,500
1,38,200
43,900
|
1,82,100
1,000
|
5%
Govt. Securities
Furniture
Less:
Depreciation
Sports
Equipments
Add:
Additions (1.10.09)
Less:
Depreciation
Land
Cash
Subscription
receivable
|
20,000
2,000
30,000
15,000
45,000
7,500
|
50,000
18,000
37,500
70,000
5,100
2,500
|
1,83,100
|
1,83,100
|
Opening Balance Sheet as on 1.4.2009
Liabilities
|
Rs.
|
Assets
|
Rs.
|
Capital Fund
|
1,05,700
|
Sports Equipments
5% Govt. Securities
Furniture
Subscription
receivable
Cash
|
30,000
50,000
20,000
1,500
4,200
|
1,05,700
|
1,05,700
|